Harbor Stone Advisors has been awarded the assignment to market Winchester Apartments, a fully occupied 9-unit multifamily asset in Westminster, Maryland.Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, and Senior Advisor, Tom Wohlgemuth, are marketing the property.
The property, located at 78 Winchester Ave., features (1) Efficiency, (3) 1 Br-1 Ba, (1) 2 Br-1 Ba, and (4) 2 Br-1 Townhomes. Typical unit features consist of white/stainless steel appliances, formica/ resurfaced countertops, wood cabinets, and plank/tile/carpet flooring. Current ownership completed full renovation of two units recently within the scope of new appliances, resurfaced countertops, updated bathrooms, and flooring. In addition to the appealing unit finishes, the property features eight private one-car garages, all of which are currently leased.
The opportunity exists for a new owner to renovate the remaining units to further increase rents. Renovation of the classic units has potential to increase rents by at least $200 per unit, per month to compete with nearby comparables.
Winchester Apartments is centrally located in downtown Westminster. The property is just a fiveminute drive from McDaniel College which employs over 800 and hosts over 3,000 students. Additionally, the property is a short drive from both Carroll Hospital and Penguin Random House publishing, two of Carroll County’s largest employers. The vast employment and education opportunities in the area appeal greatly to renters as evident by the fact that over 50% of residents within a mile of Winchester Apartments rent. The property is also within commuting distance of Baltimore City, a metro area that hosts some of the Maryland’s largest employers such as Johns Hopkins Hospital and several major financial institutions.
About Harbor Stone Advisors
Harbor Stone Advisors specializes in middle-market multifamily investment sales throughout the MidAtlantic. Advisory services include value opinions, asset dispositions and marketability analysis for private clients, owners, investors and financial organizations. For additional information, visit: www.harborstoneadvisors.com
